Gulf Oil and Gas accountACCOUNT

Receipt of Payment for KRI Oil Exports from Taq Taq Field

Source: www.gulfoilandgas.com 12/5/2016, Location: Middle East

Genel Energy plc announces that the Taq Taq field partners have received a gross payment of $21.33 million from the Kurdistan Regional Government (‘KRG’) for oil sales during September 2016. Genel’s net share of the payment is $11.73 million.br>
The payment reflects full settlement of the invoiced amount for September 2016 oil sales, and incorporates $17.83 million towards contractor monthly entitlement and $3.50 million towards recovery of historical receivables.br>
Gross oil sales from the Taq Taq field in September 2016 averaged 56,076 bopd. The average Brent price applicable for September 2016 was $46.67/bbl. A $5/bbl discount to Brent, including $4/bbl transportation and handling costs, is applied to arrive at the Taq Taq wellhead export netback price.br>
As agreed with the KRG, sales to the Bazian refinery during September 2016 were invoiced at the wellhead export netback price, in line with the payment mechanism announced by the KRG on 1 February 2016.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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